Ethereum Market Faces Pressure from Fed Hike and Regulatory Uncertainty
The Ethereum market experienced significant outflows on September 16, following the Federal Reserve's first interest rate hike in three years. The US spot Ethereum ETFs recorded a net loss of USD 224 million that day.
BlackRock's iShares Ethereum Trust (ETHA) led the withdrawals with USD 110.03 million in redemptions, making it the largest single-fund redemption across the US spot Ethereum ETF market.
Fidelity's FETH followed with USD 55.58 million in outflows, while BlackRock's staking-enabled ETHB lost another USD 19.76 million. The combined Ethereum ETF net outflows reached USD 224 million.
The Federal Reserve's rate hike added to the market pressure, and regulatory uncertainty surrounding cryptocurrency rules also weighed on investors' minds.